*SpringHill Company, a media and entertainment company owned by LeBron James, announced recently that it will sell a large minority stake to an investment group formed by RedBird Capital Partners, Fenway Sports Group, Nike and Epic Games. The deal is being valued at $725 million.
Current shareholder UC Investments will increase its stake, also. James, who serves as chairman of SpringHill, and Maverick Carter, CEO of the company, will retain controlling interests (of course).
“We started this company with the tagline ‘More Than an Athlete,’ which still defines everything we do to this very day,” Carter said in a statement.
According to Forbes, LeBron James’ estimated net work was around $850 million. This deal puts him on track to being only the second billionaire to emerge from the NBA behind Michael Jordan.
The SpringHill Company was founded by James and Carter just last year after SpringHIll Entertainment, the Robot Company and Uninterrupted consolidated last year.
SpringHill has flourish with the production of documentaries, such as HBO’s What’s My Name: Muhammad Ali, and unscripted series like the NBC competition show The Wall and HBO talk show The Shop.
The Robot Company’s clients include Sprite, JP Morgan and Beats By Dre. According to people familiar with the agreement, SpringHill is on track to post more than $100 million in revenue over the next 12 months.